lets have a look at how oil goes, so im gonna go ahead with 2 positions, one in EURCAD and one in USDCAD
no super confident on EURCAD, as EUR has been also weak, but analysis tells that this can see another push up.
The discussions at the tables at the OPEC+ conference do not end, and it shows. We expect the course to drop for quite a bit now. In total, the correction should end somewhere between $41.29 and $39.27, before new bullish runs set in. Once that happens, prices above $59.35 will be targeted.
Let’s go Bears!
IRAQ IS SEEKING HIGHER OPEC+ PRODUCTION BASELINE: DELEGATE
UAE ENERGY MINISTRY SAYS NO AGREEMENT HAS BEEN REACHED YET WITH OPEC+ ON SUPPLY DEAL, DELIBERATIONS CONTINUE
With the OPEC agreement in a state of deliberation, and compliance a real question, the market is needing to price in some bearish risk potential. Especially given the recent extension that we've...
- if you follow this setup, do not overleverage
- do not use more than 1% of your balance
simple and effective:
-short at point B between R1-M Pivot and 88.2 fibonacci
-target between S2-M Pivot, 1.809 and 2 trend based fib
-TP +15% gains
Just an idea for possible long positions on AMEX:DRIP for a long-term swing. There's room for more downside, possibly to the next leg of support, as I've added by the pitchfork trendline entries.
As we've not seen an actual bottom yet, it's all speculation at this point, but oil (for vehicles and shipping) is slowly being pushed to the margins; and with an...
THANK YOU FOR FOLLOWING US.
WITH USOIL AT 2018 MONTHLY HIGHS
POTENTIAL FOR SOME DOWNSIDE CORRECTION
POSSIBLY INTO JULY
AS ALWAYS, ONLY RISK WHAT YOU'RE WILLING TO LOSE.
THE TRADING REGIME
CRUDE OIL POSSIBLY CREATING DOUBLE TOP PATTERN OR TRIPPLE TOP PATTERN ( NEED NECKLINE CONFIRMATION ).
Crude oil suffers first weekly loss in May on Iran nuclear deal, weak demand; experts see sideways momentum
Prices could witness some additional correction next week on demand outlook in Asia and a possible increase in output from Iran.
I'd suggest a bearish view, the price is currently trading at dynamic resistance level, we still have a demand zone that price hasn't visited yet. Technical indicators are bearish on weekly, so going short could offer a good reward at low risk.
Ifter that will aim for longer term target at $73
The chart give you all details of ELLIOT wave count for NYMEX light sweet crude futures.
I noticed that his commodity recovered in 'V' shape from ABYSS(3rd of3of wave5) and erased all its losses to $60
But this recovery has one more test for final wave C5v, I assume that this will finish nextmonth (april)for 0.618 times of c5i at $46
comments are welcome